The $TRUMP memecoin — a financial asset that didn't exist on Friday afternoon — now accounts for about 89% of Donald Trump's net worth.
Why it matters: The coin (technically a token that's issued on the Solana blockchain) has massively enriched Trump personally, enabled a mechanism for the crypto industry to funnel cash to him, and created a volatile financial asset that allows anyone in the world to financially speculate on Trump's political fortunes.
President-elect Trump launched his own cryptocurrency Friday night, and as of Sunday morning appeared to have made more than $50 billion on paper for himself and his companies.
Why it matters: The stunning launch of $TRUMP caught the entire industry off-guard, and speaks to both his personal influence and the ascendancy of cryptocurrency in his administration.
Raleigh, North Carolina; Ogden, Utah and Salt Lake City, Utah are this year's best-performing big cities, according to an annual report ranking metros across a range of economic factors.
Why it matters: The Milken Institute's yearly rankings highlight U.S. cities with job growth, affordable housing, economic equality and other big draws.
Treasury secretary Janet Yellen, in one of her final major acts in office, warned Congress late Friday that the Treasury will need to begin "extraordinary measures" on Tuesday to avoid hitting the debt limit.
Why it matters: The first full day of the Trump 2.0 presidency will see the government scrambling to move money around, increasing the urgency of the problem he's demanded Congress address.
